Stocks soared today, and though they trailed off a little in the final half an hour, the S&P 500 is now about 22% above its intraday low of 741 set all the way back on… November 22. If you use a very nerrow definition of bull market — some will say it’s a rally of 20% or more — then we’re there and then some. If you’re not convinced this is a bull market, feel free to use the media’s preferred term a “Santa Claus Rally” but we have no idea if that has any real definition, except that it probably has to occur some time between Thanksgiving and Christmas.
Big winners today: Anything having to do with infrastructure and heavy industry, including cars. The financial also did very well, as most of the major banks had percentage gains in the double digits.